Page:United States Statutes at Large Volume 90 Part 2.djvu/106

 90 STAT. 1574

PUBLIC LAW 94-455—OCT. 4, 1976 " (7) REPORTING REQUIREMENTS.—No deduction shall be allowed

26 USC 274 note. 26 USC 422.

under section 162 or 212 for transportation or subsistence expenses allocable to attendance at a foreign convention unless the taxpayer claiming the deduction attaches to the return of tax on which the deduction is claimed— " (A) a written statement signed by the individual attending the convention which includes— " (i) information with respect to the total days of the t r i p, excluding the days of transportation to and from the site of such convention, and the number of hours of each d a y of the t r i p which such individual devoted to scheduled business activities, " ( i i) a program of the scheduled business activities of the convention, and " ( i i i) such other information as may be required i n regulations prescribed by the Secretary; and " (B) a written statement signed by an officer of the organization or group sponsoring the convention which includes— " (i) a schedule of the business activities of each day of the convention, " ( i i) the number of hours which the individual attending the convention attended such scheduled business activities, and " ( i i i) such other information as may be required in regulations prescribed by the Secretary. (b) EFFECTIVE D A T E. — The amendments made by this section shall apply to conventions begining after December 31, 1976. SEC. 603. CHANGE IN TAX TREATMENT OF QUALIFIED STOCK OPTIONS. (a) IN GENERAL.—Section 422(b) (defining qualified stock option) is amended by inserting "and before May 21, 1976 (or, if it meets the requirements of subsection (c)(7), granted to an individual after May 20, 1976)," after "section 424(c)(3)(A)), ". (b) CERTAIN O P T I O N S GRANTED A F T E R M A Y 20, 1976.—Section 422(c)

(relating to special rules) is amended by adding at the end thereof the following new paragraph: " (7) CERTAIN OPTIONS GRANTED AFTER MAY 20, 197c.—For p u r -

poses of subsection (b), an option granted after May 20, 1976, meets the requirements of this paragraph — " (A) if such option is granted to an individual pursuant to a written plan adopted before May 21, 1976, or " (B) if such option is a new option substituted, in a transaction to which section 425(a) applies, for an old option which was granted before May 21, 1976, or which met the requirements of subparagraph (A). A n option described in the preceding sentence shall be treated as ceasing to meet the requirements of this paragraph if it is not exercised before May 21, 1981." (c) BESTRICTED STOCK O P T I O N S M U S T B E EXERCISED BEFORE M A Y 2 1,

26 USC 424.

26 USC 422 note.

1981.—Section 424(c)(3) (relating to special rules for restricted stock options) is amended by adding at the end thereof the following new sentence: " A n option described in the preceding sentence shall be treated as ceasing to meet the requirements of this paragraph if it is not exercised before May 21, 1981." (d) EFFECTIVE D A T E. — The amendments made by this section shall apply to taxable years ending after December 31, 1975.

�